Kura Oncology Inc. (KURA) saw its stock soar 6.69% in the after-hours trading session on Wednesday following the release of its fourth quarter 2024 financial results and a series of positive clinical trial updates.
The San Diego-based biopharmaceutical company reported quarterly revenues of $53.88 million, beating analyst estimates of $8.5 million by a wide margin. This significant revenue beat was driven by collaboration revenue from Kura's recently announced global partnership with Kyowa Kirin to develop and commercialize its lead drug candidate ziftomenib for acute myeloid leukemia (AML) and other hematologic malignancies.
On the clinical front, Kura announced positive topline results from the KOMET-001 Phase 2 registration-directed trial of ziftomenib in patients with relapsed/refractory NPM1-mutant AML, achieving the targeted 20-30% complete response rate. The company plans to submit a New Drug Application (NDA) for ziftomenib in this indication in the second quarter of 2025. Additionally, Kura reported encouraging data from the KOMET-007 Phase 1 trial evaluating ziftomenib in combination with standard of care regimens in newly diagnosed AML patients, setting the stage for two independent Phase 3 trials (KOMET-017-IC and KOMET-017-NIC) expected to initiate in the second half of 2025.
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